St. Jude Medical Announces $700 Mln Stock Buyback Authorization

(RTTNews) - St. Jude Medical, Inc. (STJ) said Monday that its Board of Directors has authorized a share repurchase of up to $700 million of its outstanding common stock.

The repurchases will occur at such times and at such prices as the management of the company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.

As of December 6, 2013, the company had about 292 million shares of common stock issued and outstanding.

The company expects to fund the program with cash on hand as well as other sources of available liquidity.